Splitting time as a teenager between Australian rules and rugby union - where he represented Queensland as an under 19 player - Smith made his senior debut in Queensland at 15. He temporarily switched to Rugby League and played in a premiership side in 1970 before being recruited by the Bombers the next year.

Smith joined the Demons from Essendon after Round 12, 1975 and made his debut the same week. In fact he had been training at Windy Hill just two hours before being selected in the Demons lineup for the match against North. Essendon cleared him the next day for what secretary Ivan Moore declared a "very reasonable price"

In 1976 he was dropped for the first time in 92 games for the Round 16 clash with Fitzroy. He returned for two more games before ending his Melbourne career. He was the first Queenslander to play 100 VFL games.

In 1977 he was named Captain/Coach of Camberwell in the VFA. He played 37 games over two years for the Tricolours. He later joined Brunswick and played in their 1980 premiership side.

100 game players at the Brisbane Lions are now listed on the "Ray Smith Honour Board" and Smith is a member of the Queensland AFL Hall of Fame.